Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Cost per 100 Two-Liter Bottles Direct labor $1.28 Direct materials 5.46 Factory overhead 0.28 Total $7.02 At the beginning of July, GBC management planned to produce 660,000 bottles. The actual number of bottles produced for July was 712,800 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for the Month Ended July 31 Direct labor $8,941 Direct materials 37,985 Factory overhead 2,016 Total $48,942 a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle Company Manufacturing Cost Budget For the Month Ended March 31 Standard Cost at Planned Volume (660,000 Bottles) Manufacturing costs: Direct labor Direct materials Factory overhead Total b. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to two decimal places. Genie in a Bottle Company Manufacturing Costs-Budget Performance Report For the Month Ended March 31 Standard Cost Cost at Actual Variance- Volume (712,800 (Favorable) Bottles) Unfavorable Actual Costs Manufacturing costs: Direct labor Direct materials Factory overhead Total manufacturing cost $ $ $ than budgeted direct labor and direct material cost variances more than offset a small C. The Company's actual costs were $1096.56 factory overhead cost variance